RTRS:Middle East Crude-Steady as trading in November cargoes ends
SINGAPORE, Sept 25 (Reuters) - The Middle East crude market
remained steady on Tuesday as trading for November loading
cargoes ended and dealers began assessing demand for December.
Strong demand this month pushed up premiums on light crude
to levels last seen 10 months ago, while strong product cracks
also supported prices.
Japan was a key buyer this month, with many refineries
returning from planned and unplanned shutdowns, while refineries
in South Korea and China also stepped up buying for winter.
The outlook for December is upbeat, although weak economic
activity, especially in China, continues to be a worry.
* TENDERS
- Taiwanese refiner CPC has floated a tender to buy sour
crude, that will close on Tuesday and is valid until Wednesday.
* TRADES:
- SK Energy Singapore sold three November Dubai partials,
two to ChinaOil and one to Trafigura. ChinaOil paid $108.45 and
$108.50 per barrel for the partials, while Trafigura paid
$108.60 per barrel.
* MARKET NEWS
- Hong Kong-listed Brightoil Petroleum (Holdings) Ltd
will hire about 10 crude oil traders in Singapore and
the United States, Denny Tan, executive director and chief
financial officer, told reporters in an earnings briefing on
Tuesday.
- A trio of state-run Indian oil companies has bid $5
billion for stakes in Canadian oil sands holdings owned by
ConocoPhillips, two sources said, as the world's No. 4
oil importer continues to search for supplies to power its near
$2 trillion economy.
- Japan will see mostly milder to normal weather this
winter, potentially decreasing demand for electricity and
kerosene for heating, official forecaster the Japan
Meteorological Agency said on Tuesday.
- Iranian President Mahmoud Ahmadinejad said Israel has no
roots in the Middle East and would be "eliminated", ignoring a
U.N. warning to avoid incendiary rhetoric ahead of the annual
General Assembly session.
- The U.S. government officially linked Iran's state oil
company to the country's Islamic Revolutionary Guard Corps on
Monday, a determination that enables the United States to apply
new sanctions on foreign banks dealing with the National Iranian
Oil Company.
CRUDE Price Prev Change
NOV DME Oman diff to Dubai swaps 0.77 0.68 +0.09
NOV Brent 110.59 110.40 +0.19
NOV Dubai 107.78 107.47 +0.31
NOV DME Oman 108.55 108.15 +0.40
NOV Brent/Dubai EFS 3.35 3.56 -0.21
PRODUCT CRACKS
OCT fuel oil crack -5.26 -5.07 -0.19
OCT gasoil crack +19.31 +19.43 -0.12
NOV naphtha crack -7.53 -7.65 +0.12
COMPLEX REFINERY MARGINS
Today 9.52
Last 5 days 8.97
Last 365 days 7.38